| FIX & FLIP LINE OF CREDIT |
NEW CONSTRUCTION LINE OF CREDIT |
|
|---|---|---|
| Description | Exposure line for experienced investors (1+ completed flip in the past 2 years) |
Exposure line to fund ground-up construction for developers and investors (1+ completed flip in the past 2 years) |
| Loan Size
Term & Amortization |
$50K - $2.5MM
30 year fixed, full amortization |
$150K - $2.5MM |
| Acquisition Financing | Funding up to 90% of purchase price |
Funding up to 75% of land value |
| Rehab FInancing | Up to 95% of rehab costs, max 75% of ARV |
Up to 95% of construction costs, max 75% ARV |
| Term | 12 months (standard), with optional extensions | 12 months (standard), with optional extensions |
| Rate | As low as 6.99% for qualified borrowers. 90 days minimum interest charge. | As low as 6.99% for qualified borrowers. 90 days minimum interest charge. |
| Borrower | Individual, LLC, Limited Partnership, or Corporation | Individual, LLC, Limited Partnership, or Corporation |
| Credit | 620+ FICO with no late mortgage payments over the past 2 years (for all members) | 620+ FICO with no late mortgage payments over the past 2 years (for all members) |
| Property Types | Non-Owner Occupied: Single family residences, 2-4 family units, Condos, Town-homes, and Multi-family properties up to 20 units |
Non-Owner Occupied: Single family residences, 2-4 family units, Condos, Town-homes, and Multi-family properties up to 20 units |
Loans are subject to investor and business credit approval, appraisal and geographic location of the property and other under writing criteria. Loan amounts and rates may vary depending upon loan type, LTV, verification of application nformation and other risk-based factors. Application fees, closing costs and other fees may apply. 1. Products not available in Alaska, Idaho, North Dakota, Rhode Island, South Dakota, Utah, or Vermont. 2. Any multi-family property 30 years or older can not exceed 25-year amortization. 3. Refinance loans on properties owned <90 days are capped at 80% loan-to-cost. 4. Multi-family properties 30 years or older will qualify for interest-only loans at a limited LTV.